A panel of NPC deputies from Shandong province discusses the draft foreign investment law in Beijing on March 10. [photo/VCG]

The draft foreign investment law will create a stable and convenient business environment for foreign investors, showing China's determination to develop a high-level opening-up economy.

Shandong's Qingdao deputies voiced their positive views on the draft law at a panel discussion on March 10 during the annual two sessions in Beijing.

Zhou Yunjie, president of domestic appliance giant Haier Group and a deputy to the 13th National People's Congress (NPC), said the company owes its success to the country's reform and opening-up policy.

"With the capital from foreign investment, we build an Internet platform based on consumers' daily needs, upgrading Haier from a domestic appliance company to a worldwide giant in the industry." 

The draft foreign investment law was presented to China's top legislature on March 8 and has become a hot topic at the two sessions.

Once approved, it will replace the three existing laws regulating foreign-invested entities now — the Chinese-foreign equity joint ventures law, Chinese-foreign cooperative joint ventures law, and the wholly foreign-owned enterprises law.

More importantly, the draft law represents a fundamental change in the country's approach to foreign investment administration, which will greatly increase "openness, transparency and predictability".

At the panel discussion, Qingdao deputies were already convinced that the new law will guarantee rapid development of foreign investment and be a strong magnet for creativity and productivity.

On March 15, the last day of the national two sessions, the NPC deputies will vote on the adoption of the draft foreign investment law.